Commodity Blog

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Oil Climbs on Rumors About Supply Disruption, Iron Ore Expected to Advance

March 2, 2012 at 0:10 by Vladimir Vyun

Crude oil prices surged today after Iranian reporters told that a pipeline in Saudi Arabia was damaged by an explosion. The prices somewhat retreated after Saudi officials dismissed the report and blamed Iran for causing panic on the market. Saudi Arabia promised to boost exports after Iranian supply of oil was banned in the United States and Europe. Crude oil climbed to $110.55 per barrel as of 15:17 on NYMEX today before retreating below $109. Brent crude traded at $125.86 per barrel as of 23:44 GMT on ICE today after jumping from $122.79 to $128.40 — the highest price since August 1, 2008.

Iron ore jumped from the 22-month low in October on forecast of low supply and growing demand. Analysts predict that prices in China, the largest consumer, may climb 10 percent to an average of $157.50 per metric ton by the end of the year. Prices were at $143.20 per ton today in China and have gained 22 percent from the October low.

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